Stock price index up slightly in thin trade

The benchmark Philippine Stock Exchange index (PSEi) managed to close with a small gain on Wednesday, a day after inflation fears eased with the release of data for May.

The PSEi ended Wednesday’s session up 0.04 percent, or 3.38 points, to 7,689.14. The broader All-Shares index was also up 0.11 percent, or almost 5 points, to 4,669.28.

The PSEi bucked a regional downtrend a day before after the Philippine Statistics Authority saw the prices of basic goods and services increase 4.6 percent in May, below consensus forecasts. Analysts saw this as a sign that inflation might have reached or was near its peak.

The continuing positive sentiments were further reflected among subsectors, which mostly closed higher. Gainers were led by financials, up 0.47 percent, followed by property, up 0.46 percent. Losers were holding firms, down 0.33 percent, and mining and oil, which lost 0.07 percent.

Trading, however, was relatively thin, with 1.5 billion shares valued at P5.94 billion changing hands. There were 108 gainers against 97 losers, while some 43 companies closed unchanged.

Property developer Ayala Land Inc. was the most actively traded yesterday as it gained 1.49 percent to P40.90 a share.

It was followed by Metropolitan Bank and Trust, up 0.06 percent to P80.05; SM Prime Holdings Inc., up 0.13 percent to P38.05; BDO Unibank Inc., up 1.32 percent to P130.70, and LT Group Inc., up 2.25 percent to P20.45 a share.

Other actively traded companies were Bloomberry Resorts Corp., up 6.28 percent to P11.50; GT Capital Holdings, up 1.22 percent to P997; Ayala Corp., down 1.02 percent to P969; Jollibee Foods Corp., up 0.21 percent to P280, and Globe Telecom, up 0.49 percent to P1,638 a share.